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Not All That Glitters Focusing on Noront Resources, Continuum Resources Ltd., and Mega Silver Inc.
Market Wire, February, 2008
Comments made in this release are those of Maybach Financial Group and any questions or comments should be directed to the contact information located at the bottom of this release.
Maybach Financial Group is a syndicate of investment researchers compiling research from major analysts and fund managers. Our focus is to give investors the financial advantage necessary to sustain profit in all markets. This week, to gauge the outcome of the markets, we are focusing on Noront Resources (TSX-V: NOT), Continuum Resources Ltd. (TSX-V: CNU), and Mega Silver Inc. (TSX-V: MSR). For the full report visit http://www.maybachfinancial.com/register.php
The Maybach Financial Group www.maybachfinancial.com will be researching the above-mentioned companies to determine their chances of a turnaround opportunity for investors. Visit http://www.maybachfinancial.com/register.php for a complimentary subscription to the Maybach service and receive at no cost our "Special Report #1: Protecting Our Future," and "Special Report #2: Hearing is Believing." No credit card or payment information is required.
Like magpies and crows, we are drawn to that which outshines its surroundings. Unlike the afore mentioned birds however, we strive to bring the shiny baubles into the light rather than hide them away in our nests. Putting the best of the best on show is more our style. We scrabble in the mud, dust and grit hoping to find that elusive masterpiece, that 'star of the show' that will indemnify our reputations for eternity.
Gold and silver prices set new peaks on Friday but slipped back again in early trading on Monday. Analysts expect that they will again reach new highs after consolidating gains. Despite the slip in gold and silver prices, platinum hit a record on Monday while palladium also reached a six-year high. Monday 10:50a.m. EST, saw gold contracts for April fall to $9010.70 a fall of $12.80 (1.4%) despite slightly higher oil prices and a relatively unchanged U.S. dollar.
Noront Resources (TSX-V: NOT) traded at $4.42 Monday morning, down $0.04 or -0.90% on volumes of 202,518, near the mid-point of the 52 week high of $7.05. Firm commitments from several investors have been received for private placement of 6,500,000 units of Noront with aggregate gross proceeds of $26,000,000. The units are a combination of one common share and another half share purchase warrant which entitles the investors to a common share at an exercise price of $5.00 for two years from date of issue. The agreement is expected to close on or before February 6th, 2008. President and chief executive officer, Richard Hemis said, "This placement will permit Norton to accelerate the exploration and definition of its very attractive nickel-copper-platinum-palladium discovery in the James Bay Lowlands." Drilling results at The Double Eagle Project, which includes the James Bay Lowlands, have continued to add to the potential of the discovery over the last several months.
Continuum Resources Ltd. (TSX-V: CNU) was up $0.01(5.71%) to $0.185 on trading volumes of 147,000, just $0.70 above the 52 week high of $0.15. Friday saw the announcement of Continuum's Letter of Intent with Mr. Raul Diaz, their former General Manager in Mexico. The agreement covers Continuums interest in the claims making up the Natividad Mine and the surrounding properties which are wholly-owned by Continuum. A deadline of February 29, 2008 has been set for the definitive agreement to purchase. CFO of Continuum, Robert McMorran, stated: "Over the past several weeks the Board has reviewed its options with respect to maximizing shareholder value, including a review of the status of all of the properties in the Company's mineral portfolio. [sic]. . . it was evident to the Board that the Company's shareholders were best served at this time by the Company focusing its exploration efforts on other properties it holds in Oaxaca, Mexico. Of immediate interest are the Tres-Hermanas and Lachiguiri properties which the Company intends to actively explore during 2008."
Mega Silver Inc. (TSX-V: MSR) trading Monday morning at $1.82, up $0.32 (21.33%), on volumes of 208,833 just off the 52 week and day high of $1.99. Mega Silver's investor relations agreement with Doyle Investments Inc was announced Monday morning in Vancouver, B.C. Doyle will provide services to Mega including the dissemination of news and information and maintaining contact with brokers and the investment community. "We are delighted to have Doyle working with us at Mega Silver," said Ken Carter. "As we have only recently commenced trading on the TSX-V, Doyle will help the market understand Mega Silver, its projects, positioning strategy and the opportunities in this strong silver market." For the initial 12 months of the agreement, Mega Silver will pay Doyle $5,000/month plus expenses. Doyle will also receive 400,000 stock options at a price to be set in accordance with exchange requirements and pursuant to Mega Silver's stock option plan.